Abstract

(Minor corrections 02/07/2026) The simultaneous promulgation of Venezuela’s 2026 Hydrocarbons Law Reform and issuance of OFAC General License 46 on January 29, 2026, mark a structural shift from prohibition to highly regulated permission. This article analyzes the legal architecture established by six operative general licenses (GL 30B, 46B, 47, 48A, 49A, and 50A)-subsequently consolidated in part by GL 52 (March 18, 2026)-, which operationalize the sector’s reopening under the financial oversight of the Executive Order 14373 Foreign Government Deposit Funds mechanism. It examines critical compliance pathways, including the due diligence authorization under GL 49A, the differentiated eligibility gateways across the license framework, and the statutory 180-day window for regularizing contracts entered under the Anti-Blockade Law. The analysis further addresses the unresolved scope of “arbitraje” (arbitration) under Article 8 of the Reform, which does not specify whether international venues are contemplated, and assesses the geopolitical bifurcation that privileges Western majors while leaving operators such as CNPC and Rosneft in legal limbo. Drawing parallels with the 1922 Hydrocarbons Law, the article argues that this return to a concession-like model seeks to replicate the early 20th-century restoration of sovereign solvency, contingent on the rigorous enforcement of U.S. financial controls.

This article reflects the OFAC license framework as of June 18, 2026, including the superseding amendments issued on March 13, 2026 (GL 46B, GL 48A, and GL 49A) and the consolidated omnibus authorization issued on March 18, 2026 (GL 52), and the June 10, 2026 reissuances (GL 46C, 47A, 48B, 50B, and 52A) that expanded the permissible dispute-resolution forum. It also addresses the enacted Ley Orgánica de Minas (Gaceta Oficial No. 7.020 Extraordinario, April 16, 2026), the draft Reglamento of the Hydrocarbons Law, and the drafts of the Hydrocarbon Productive Participation Contract that are circulating for comment. The pace of regulatory development (dozens of general license issuances and reissuances across both the oil and mining sectors, a consolidated omnibus authorization, and continually evolving FAQ guidance, all within the first months of the reopening) suggests that further amendments may issue before this article reaches print. Practitioners should verify the current operative version of each instrument at the time of reliance.